In case you harbor any delusions of grandeur that you or your children will someday rise to fame and fortune in academia, let me gently harsh on your mellow. The truth is, most of our higher education faculty members are now adjuncts, or under a more fancy title, contingent faculty. As this article details, many adjuncts earn about $10,000 a year.
Maybe you’re thinking, “Well, this applies to other people but not to my little Johnny because he is going to be a scientist.” Good luck with that. Science jobs are also getting harder to come by in academia, or anywhere.
Finally, before the reality party is over, I invite you to take a trip to 100 Reasons Not to Go to Graduate School. It is extremely well-written and well cited (the links all work and bring you to current and relevant articles).
And, on a note of full disclosure, yes, I did apply to graduate school this past year. And yes, I am not going.